House panel approves bill exempting senior citizens from income tax

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A House of Representatives committee approves a measure seeking to provide income tax exemption to those aged 60 and above.

The Special Committee on Senior Citizens passed House Bill 8832, or the proposed “Income Tax Exemption for Senior Citizens Act,” which aims to help employed elderly increase their savings for retirement.

However, a representative of the Bureau of Internal Revenue said it is their policy not to encourage such proposed legislations that do not provide for new sources of revenue.

 

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